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Description
Flashcards by jackpomfret, updated more than 1 year ago
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Created by jackpomfret
over 9 years ago
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| Question | Answer |
| Mission Statement definition | A mission statement is a qualitative statement of an organisations aims. It uses language intended to motivate employees and convince customers, suppliers and those outside the organisation of its sincerity and commitment. |
| Objective | Goals to be achieved in a set period of time e.g. -Increase sales revenue - Decrease unit cost |
| SWOT Analysis | Internal : Strength Weakness External: Opportunity Threat |
| P.E.S.I.L.E | - Political - Economic - Social - Technology - Legal - Environment |
| Mission Statement intended for: | Stakeholders: - Employees - Customers - Suppliers - Shareholders - Community |
| Characteristics of a good mission statement | - Clear and concise - Positive - Outline core values and beliefs - Easy to communicate |
| Criticisms of mission statements | - Sometimes doesn't mean anything - Too long - Overly optimistic - Might not be realistic and reliable |
| Mission : | A qualitative statement of the business' aims |
| Aims: | A long term plan from which a companies objectives are derived |
| Objectives: | - Target that must be achieved in order to realise the stated aim - A time assigned targets derived from the goals and set in advance of strategy |
| Corporate Strategy: | Is concerned with deciding what business the organisation should be in, where it wants to be, and how it is going to get there |
| Corporate strategy is a game plan for: | - Satisfying customers - running the business - beating the competition - achieving corporate objective |
| Ansoff Matrix | Consists of: -Market penetration - Product development - Market development - Diverifacation |
| Ansoff Matrix Diagram: | |
| Market Penetration: | Least risk strategy because you are in both an existing market and selling an existing product. e.g. of businesses: - Subway - Coca-Cola - Cadbury Dairy Milk |
| Product Development: | This has a potential risk as the company would be selling a new product. e.g. of businesses - Rolls Royce (SUV) - Cadburys - Apple |
| Market Development: | Potential risk as the company would be selling in a new market. e.g. of businesses - Tesco moving into the china and USA market (now have pulled out) - Rolls Royce moving into Europe, Middle East and the USA. |
| Diversifacation | Highest risk as you are selling a new product in a new market - therefore may require a lot of research and development. e.g - Apple iWatch - Virgin (airlines, trains, TV etc.) There is RELATED such as BMW creating other vehicles. However there is UNRELATED which would be BMW creting a clothing range. |
| Diversifacation | Highest risk as you are selling a new product in a new market - therefore may require a lot of research and development. e.g - Apple iWatch - Virgin (airlines, trains, TV etc.) - Lego Games (PS/Xbox) There is RELATED such as BMW creating other vehicles. However there is UNRELATED which would be BMW creting a clothing range. |
| Porters matrix | Consists of: - Cost leadership - Defferfentiation - Focused cost leadership - Focused Differentiation |
| Porters Matrix Diagram | |
| Cost Leadership | e.g. - Primark - Lidl - Pound Land (all stores that sell products for the cheapest price - strategy being cost minimisation) |
| Differentiation | e.g. - Apple - Sainsbury's - Top Shop - Jaguar/Landrover (They are differentiated meaning that they have something of a USP) |
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